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SEC Filings

DEF 14A
PENSKE AUTOMOTIVE GROUP, INC. filed this Form DEF 14A on 03/16/2017
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Table of Contents

Executive Compensation

The following table contains information concerning 2016 annual and long-term compensation for our Chief Executive Officer, Chief Financial Officer and each of our three other most highly compensated executive officers, collectively referred to as the "named executive officers." For a discussion of our methodology in valuing the items set forth under "All Other Compensation," see "CD&A — Other Compensation."

2016 Summary Compensation Table

Name and Principal Position



Year


Salary
($)




Bonus
($)




Stock Awards
($)(1)





All Other
Compensation
($)




Total
($)
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Roger S. Penske

  2016   $ 1,200,000     $ 5,000,000 (2) $ 337,331 (3) $ 6,537,331  

Chief Executive Officer

  2015   1,200,000     5,000,000   333,691   6,533,691  

  2014   1,200,000     3,600,000   380,298   5,180,298  

    

                                     

Robert H. Kurnick, Jr.

  2016   700,000     1,000,000 (4) 153,065 (5) 1,853,065  

President

  2015   700,000     1,000,000   149,518   1,849,518  

  2014   700,000     700,000   128,649   1,528,649  

    

                                     

J.D. Carlson

  2016   475,000   265,000   180,550   60,974 (6) 981,524  

Executive Vice President &

  2015   432,372   175,000   369,975   43,505   1,020,852  

Chief Financial Officer

                         

    

                                     

Bud Denker

  2016   500,000   265,000   180,550   15,088 (7) 960,638  

Executive Vice President —

  2015   300,909   200,000   191,480   5,525   697,914  

Human Resources

                         

    

                                     

Shane M. Spradlin

  2016   500,000   265,000   270,825   74,148 (8) 1,109,973  

Executive Vice President,

  2015   479,327   250,000   359,025   67,314   1,155,666  

General Counsel & Secretary

  2014   474,327   235,000   322,720   59,273   1,091,320  
(1)
These amounts represent the grant date fair value of awards computed in accordance with FASB ASC Topic 718 in connection with restricted stock awards granted under our 2012 Equity Incentive Plan and 2015 Equity Incentive Plan. The 2012 Equity Incentive Plan was terminated in November 2015, but outstanding awards granted under the plan will remain subject to the terms of the plan.

(2)
In February 2016, Mr. Penske received an equity incentive plan-based award payable upon achievement of 2016 performance targets. The award established a threshold payout of $2.5 million (50% of targets), a target payout of $5.0 million (100% of targets) and a maximum potential payout of $7.5 million (150% of targets) to be paid in shares of restricted stock to be granted in 2017. Mr. Penske achieved 70.8% of the performance metrics relating to this award, which entitled him to approximately $4.5 million in shares of restricted stock granted in February 2017. See the narrative discussion following this table for further discussion of this award.

(3)
Consists of dividends on unvested restricted stock awards.

(4)
In February 2016, Mr. Kurnick received an equity incentive plan-based award payable upon achievement of 2016 performance targets. The award established a threshold payout of $500,000 (50% of targets), a target payout of $1.0 million (100% of targets) and a maximum potential payout of $1.5 million (150% of targets) to be paid in shares of restricted stock to be granted in 2017. Mr. Kurnick achieved 70.8% of the performance metrics relating to this award, which entitled him to approximately $902,199 in shares of restricted stock granted in February 2017. See the narrative discussion following this table for further discussion of this award.

(5)
Represents $37,670 for an automobile allowance, $50,000 in charitable donations pursuant to our director charitable matching program and $65,395 in dividends on unvested restricted stock awards.

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